Dubai: Saudi Arabia fined 15 stock traders 8 million riyals for stock manipulation and banned them from trading in the Saudi Stock Exchange directly or indirectly.
The Appeal Committee for the Settlement of Securities Disputes at the Saudi Capital Markets Authority (CMA) also recovered 57 million riyals from the convicts, who have been banned from working in companies listed on the Saudi Stock Exchange.
The committee said the convicts were punished for flouting the stock market’s rules against and conducting irregularities to achieve illegal gains.
The committee said that 57 million riyals have been recovered from the convicts who gained them in sales and purchase operations violating rules, by deliberately providing misleading information to investors.
“The decision stipulates that the convicted traders have been prevented from trading and dealing in listed companies,” the committee said in a statement.
The committee did not disclose the identity of the convicted traders, who involved in stock price manipulations by giving investors false impressions about stocks being traded in the market.
The committee acquitted 37 traders and dropped charges of stock price manipulation and illegal gains against them.
